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25 Cards in this Set
- Front
- Back
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absolute poverty
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a type of poverty in which even basic survival needs are not met
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business climate
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theoverall conditions which businesses operate in a country or region
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capital market
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refers to the network of financial institutions designed to attract savings, make loans and otherwise assist business activity in a country
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capital resources
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a factor of production comprised of items that people make to produce other goods or services
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capital stock
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the total amount of capital goods that a country has at its disposal to produce goods and services
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capitalism
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an economic system that relies on private ownership and control of the country's resources and the means of production. Private sector is mainly responsible for answering the basic economic questions
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command economy
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an economy in which the basic economic questions are answered by the govt
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communism
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a type of economic system in which the govt owns and controls most of the countrys resources. Central planners r responsible for answering basic economic questions
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cost efficiency
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occurs when less expensive resources are employed in a productin process while mantaining or even expanding the firms rate of output
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cost of living
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refers to the actual prices for consumer goods, housing, food, fuel, and other necessitws in an economy
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goods producing sector
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sector of country's economy associated with manufacturing, construction, and mining operations
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Group of 7 G-7
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7 major industrialized economies Canada, US UK France Germany Italy Japan
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human capital
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the enhancement of human resources through acquired knowledge or skills
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human resources
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factor of production comprised of productive human labor
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informative technologies
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refers to new technologies that process, store, and communicate info
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international labor organization
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leading advocates for workers in the global economy
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international liquidity
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the ability of countries to gain quick access to funds
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international trade
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when individuals, firms, or govt imports or exports goods or services
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inflation
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when general price level in a country increases
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kyoto protocol
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1997 multilateral environmental agreement designed to stregthen the framework convention on climate
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least developed countries
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refers to about 40 of the poorest developing countries in the global economy
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marginalized people
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refers to people who have been unable to participate in the globalization process
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market economy
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economy built on private ownership and control over most resources, and the ability to earn profits by putting resources to work in productive ways
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mergers and acquisations
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result of a legal joining of two firms under a single ownership
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natural resources
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a factor of production that is a gift of nature
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